Aaron Glen, Houston Texans' defensive back, investor Jason Medlock and Weaver, Davis & Jacob Realty have formed 3131 Properties LLC. Their first undertakings will be a 53,300-sf office and retail project along Sugar Land's Kensington Street; 15,700-sf Lakeside Plaza, all restaurant space, also in Sugar Land; and 13,000-sf Mason Centre in Katy.
Lexington Square will have 39,000 sf of street-level retail and 14,300 sf of second-floor office space. The project will be anchored by a freestanding, 13,013-sf CVS Pharmacy, which will break ground in 60 days and deliver by the end of August. Medlock tells GlobeSt.com that CVS signed a 22-year lease for a build-to-suit.
The center and pharmacy, across the street from First Colony Mall, will take six months to build.
Lakeside Plaza, already 45% pre-leased, will rise at the intersection of US Highway 59 and Texas 6 in Sugar Land. It too will break ground in 60 days, Medlock says.
Completion is set for November. The tenant roster includes such well-known draws as Cold Stone Creamery and Quiznos.
Medlock says Mason Centre in Katy has just two spots left in the 13,000-sf design. Work begins in 30 days, with delivery coming in late summer. Pizza Inn, American Nails and a dry cleaners have signed for the line-up.
The development group estimates the trio will provide more than 200 full- and part-time jobs. "We have always talked and dreamed about the opportunity to seed economic development into communities while helping people," says Glenn in a prepared statement.
Weaver, Davis & Jacob Realty designed the projects and will develop and lease them. "This is an ideal partnership," Peter Jacob, principal of Weaver, Davis & Jacob Realty Group, said in a press release. "With the vision of 3131 Properties, and our retail development expertise, this affiliation will produce a model for others to follow." Glen and Medlock are primary equity investors, limited partners and co-general partners of 3131 Properties.
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